Weekly Product Update July 13 - July 17th. 2009

 

 

 

 

July 17^th. 2009

 

To all MetLife Approved Brokers

 

The following products have been updated:

 

 

VA Fixed and ARMs

VA Streamline Refinance (IRRRL)

Effective on or after July 24, 2009 as follows:

Loan must be submitted and received by branch and registered in branch system

by noon July 23^rd. 2009

 

Secondary Financing

• New subordinate financing is not allowed
• Existing secondary financing may not be re-subordinated
• Streamlined Refinance (IRRRL):
  • Loans with existing secondary financing are no longer allowed unless second lien is paid off with borrower’s own funds
• Cash-out Refinance:
  • Existing secondary financing must be paid off with loan proceeds or borrower’s own funds
• Rate/Term Refinance (Other Refinance):
  • Purchase money second liens may be paid off with loan proceeds or with borrower’s own funds
  • Payment of a non-purchase money second lien is considered a cash-out refinance transaction

Remember our July Purchase Special ...

All purchases locked in the month of July reduce pricing by .500!

Rita Kama-Kimura

Wholesale Account Representative

(808)  275-8006   direct

(808)  864-0520   cellular

 To maximize communication it's wise to "Reply to All"

 

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